Typical upper range of mortgage:

Be aware that your credit score also has a big impact – read MSE's Credit Rating guide for further details. Also note that this calculation is mainly for people who are employed – sadly, for the self-employed, it's more difficult.

Likely range of mortgage

The nitty gritty on lenders

Lenders typically cap the loan-to-income ratio at around four-and-a-half times your annual salary, which is the upper limit in the red on the bar chart below.

Assuming you don't have existing debts and a clear credit rating you should have no difficulty in securing a mortgage in green.

Important! Remember, lenders will also assess your outgoings, including any loan agreements and credit card repayments, child maintenance payments, school fees and other bills to work out how much they'll lend. If you're a few months away from applying, try to budget as if you’re already paying mortgage payments, as lenders will want evidence from your outgoings that you can afford to repay. If you haven't already, do a budget.

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IMPORTANT! Please read...

This information is computer-generated and relies on certain assumptions. It has only been designed to give a useful general indication of costs.

It's important you always get a specific quote from the lender and double-check the price yourself before acting on the information. We cannot accept responsibility for any errors (please report faults above).

Assumptions

In order to create these results, we have had to make a few assumptions:

1) Interest is charged monthly.

2) Interest rate stays the same over the term.

3) If you selected 'Interest only', we assume your standard monthly payment doesn't decrease even if you pay off some of the balance.

Online Mortgage Guides

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